Implementing New Accounting Standards

Customer-specific solutions for the technical and business-related implementation of new regulations  

Apart from the regulations of the International Financial Reporting Standards (IFRS), which are regularly updated and optimized, industry-specific provisions also establish new laws that have a direct impact on preparing financial statements. Financial statements prepared in accordance with IFRS should primarily provide information on the asset, financial, and profit position of a company. The qualitative requirements are: understandability, relevance for decision-making, materiality, reliability and comparability. For the implementation of new accounting standards it is necessary to implement not only business requirements for data delivery from companies to the group, but also technical enhancements within the consolidation solution.

ConVista is your partner for implementing new accounting standards. We offer different customized solutions for the technical and business implementation of specific accounting standards, e.g. for the demarcation of operating segments and segment reporting in accordance with IFRS 8, for discontinued operations in accordance with IFRS 5, or for Solvency II, which is relevant for insurance companies.